Energy supply, public debt, and economic growth: Causality analysis for a panel of OECD European countries
Mohamed Awada,
Moustapha Badran,
Imtynan Khalifeh and
Jules Sadefo Kamdem
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Mohamed Awada: MRE - Montpellier Recherche en Economie - UM - Université de Montpellier
Moustapha Badran: MRE - Montpellier Recherche en Economie - UM - Université de Montpellier
Imtynan Khalifeh: MRE - Montpellier Recherche en Economie - UM - Université de Montpellier
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Abstract:
This paper addresses the causal relationship between economic growth, public debt, and energy supply, using annual panel data analysis over the period 1970-2021 of 21 OECD European countries divided into two groups: GIIPS and Non-GIIPS countries, through a tri- variate causality model. The findings confirm a strong positive relationship between the energy supply and economic growth, but also a negative relationship between the public debt and economic growth on the long-term using a vector error correction model. Granger causality's outcomes show evidence that the panel causality relationships for the Non-GIIPS countries follow the same path and directions for the full sample, emphasizing that the economic policies for these countries rely on the energy supply which is a fundamental factor for economic growth and living standards.
Keywords: Economic Growth; Public Debt; Energy Supply; OECD; Causality; Panel Data (search for similar items in EconPapers)
Date: 2023
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Published in Journal of Energy and Development, inPress, 48 (1-2)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04134679
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